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Spain Fujitsu Services signs contract to acquire majority interest in German IT Services company TDS AG

Fujitsu Services, the European IT services arm of the Fujitsu Group, today signed a contract to acquire investor General Atlantic’s stake in TDS AG for a purchase price of € 2.80 per share.

diciembre 11, 2006

Fujitsu Services, the European IT services arm of the Fujitsu Group, today signed a contract to acquire investor General Atlantic’s stake in TDS AG for a purchase price of € 2.80 per share. The contract will become effective after antitrust clearance. Further shareholders have offered to sell their shares to Fujitsu alongside General Atlantic. This will take Fujitsu’s shareholding to 79.1 percent, making it the majority shareholder in TDS AG.

The deal is a significant landmark in Fujitsu’s 40 year history in the region and further strengthens the company’s position in the market as well as demonstrates its ongoing European growth ambitions. The operations of Fujitsu and TDS will be a significant force in the German market focusing on an integrated and already complementary portfolio which includes: IT outsourcing; HR services and solutions; desktop managed services; IT infrastructure and IT consulting.

Andrew MacNaughton, managing director continental Europe, Fujitsu Services, commented: “This is a key milestone in our growth strategy for Europe. Our stake in TDS AG will enable us to harness our collective strengths and help us to become one of the top IT services players in Germany.”

Fujitsu’s IT services revenues add up to more than 14 billion Euros which positions it as number three in the worldwide IT services market. Fujitsu Services, Fujitsu’s European IT services arm has a presence in 20 countries and employs 18,000 people across Europe, 300 of them in Germany. In the year ending 31st March 2006 Fujitsu Services had revenues of 3.3 billion Euros. TDS AG had revenues of 93 million Euros in its fiscal year 2005 and employs more than 700 people across Germany, Austria and Switzerland.

Customers will now benefit from TDS’s market leading expertise in all aspects of HR Business Process Outsourcing (BPO), its proven SAP skills base, IT outsourcing and experience in IT consulting and Fujitsu’s focus on design, development and operation of flexible IT infrastructure services.

“This acquisition is the first step on an exciting journey for Fujitsu Services in Germany,” says Winfried Holz, CEO of Fujitsu Services GmbH. He continues, “We have ambitious growth plans across Europe and I am very pleased to welcome more than 700 new colleagues who will help invigorate our presence in the German marketplace. Together we will offer both existing and new customers the opportunity to benefit from our combined strengths which will form the basis for sustainable growth and opportunities for all moving forward.”

“By joining forces with a strong global player, we will be able to offer our entire range of services to large international companies,” says Michael Eberhardt, CEO of TDS, “The fit of our respective offerings is perfect and will allow us to capitalise on the opportunities the IT services market presents in the future.”

The transaction with Fujitsu Services is the result of General Atlantic’s strategic review announced in June 2006 and carried out since then. A mandatory offer for the acquisition of the remaining shares of TDS will be made to their shareholders at the minimum price prescribed by law after antitrust clearance is obtained. The purchase price per share is 14% above the last trading price on Friday.

About Fujitsu Services

Fujitsu Services is a leading European information technology services company. Its business is helping its customers realise the value of information technology through the application of consulting, systems integration and managed service contracts. It serves customers in the private and public sectors across Europe including retail, financial services, healthcare and government. With an annual turnover of £2.56 billion (€3.22 billion), it employs over 21,000 people across 20 countries. Headquartered in London, Fujitsu Services is the European IT services arm of the US$53 billion (€32.9 billion) Fujitsu Group. Visit or for more information.

About TDS AG

TDS offers IT outsourcing, IT consulting and HR services to mid-sized enterprises and major corporations. The company, founded in 1975, operates predominantly in the German, Austrian and Swiss markets. TDS offers highly tailored solutions in all areas of IT outsourcing – from selected applications to entire IT infrastructures, and with an emphasis on the SAP space. The IT consulting segment provides advice on SAP and Enterprise Content Management (ECM) systems. As a long-standing SAP expert, TDS has in-depth knowledge of the SAP portfolio. The HR services and solutions segment enables companies to outsource individual HR tasks or entire HR processes. TDS handles over 750,000 payroll transactions every month, making it Germany's market leader. Furthermore, companies deploying TDS Personal HR software handle a million payroll transactions. TDS also develops and markets software solutions for financial accounting and not-for-profit organizations, in particular charities, church institutions and local-government agencies. Currently, TDS employs more than 1,000 staff, and in 2007 posted revenues of approximately 106 million euros. In early 2007, TDS was acquired by Fujitsu, one of the world’s four largest providers of IT services. Fujitsu’s portfolio includes software and hardware solutions, as well as diverse services for a wide range of industries and applications. Fujitsu posted revenues of approx. 33 billion euros in fiscal 2007/08, and has a workforce of over 160,000 staff in 70 countries.

About General Atlantic

General Atlantic LLC, a leading global private equity firm providing capital for growth companies driven by information technology or intellectual property, has been a significant investor in TDS since 1998 and a majority investor since 2003. In Germany, General Atlantic is invested in CompuGroup AG, LHS AG and Navigon AG and in addition in Liberata Ltd., Northgate Plc and Xchanging Ltd. in the UK and Saxo Bank A/S in Denmark. General Atlantic was founded in 1980 and has approximately $10 billion of capital under management. General Atlantic has invested in over 150 companies, with current holdings in 50 internationally based portfolio companies. The firm is distinguished within the investment community by its global strategy and worldwide presence, its commitment to provide sustained value-added assistance for its portfolio companies and its long-term approach. General Atlantic has over 70 global investment professionals among its 150 employees worldwide with offices in Greenwich, New York, Palo Alto, London, Düsseldorf, Hong Kong and Mumbai. For further information and a listing of GA's public and private portfolio companies see

Graham Goulden

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Alistair Kent / Charlotte Hanson

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Date: 11 diciembre, 2006